2020 Valid ACFE CFE Exam Questions
                      
AC FE
Exam CFE
 
Certified Fraud Examiner
 
Verson: Demo
 
[ Total Questions:   10 ]
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Question No : 1
The seller’s price to the buyer is not fixed or determinable when:
 
 
A. When the price is not contingent on some future events 
B. The transaction includes an option to exchange the product for others. 
C. A service or membership fee is not subject predictable cancellation during the contract
period. 
D. Payment terms are not extended for a substantial period. 
 
Answer: B
 
 
Question No : 2
What is sometimes used to overcome well-designed internal controls of a victim company?
 
 
A. Shell company 
B. Fraudulent invoices 
C. Collusion 
D. Rubber stamp supervisors 
 
Answer: C
 
 
Question No : 3
A variation between the physical inventory and the perpetual inventory totals is called:
 
 
A. Altered inventory 
B. Account receivable 
C. Shrinkage 
D. Write-offs 
 
Answer: C
 
 
Question No : 4
When situational pressures and perceived opportunities are low and personal integrity is
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high, occupational fraud is much more likely to occur than when the opposite is true.
 
 
A. True 
B. False 
 
Answer: B
 
 
Question No : 5
A shell company scheme in which actual goods or services are sold to the victim company
is known as:
 
 
A. Maintenance scheme 
B. Allocation scheme 
C. Distribution scheme 
D. Pass-through scheme 
 
Answer: D
 
 
Question No : 6
According to SAB 104, for the revenue to be typically considered realized or realizable and
earned, which of the following criteria is NOT met:
 
 
A. Persuasive evidence of an arrangement exists 
B. Services has been rendered 
C. Timings have been met 
D. Collectability is reasonably assured 
 
Answer: C
 
 
Question No : 7
The act of an official or fiduciary person who unlawfully and wrongfully uses his station or
character to procure some benefit, contrary to duty and rights of others is called:
 
 
A. Conflict of interest 
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B. Corruption 
C. Bribery 
D. Overbilling 
 
Answer: B
 
 
Question No : 8
In physical tampering prevention technique, hidden images can be seen only when the
check is held at an angle through:
 
 
A. High-resolution sprays 
B. Holographic safety inks 
C. Watermark backers 
D. Chrome coloring 
 
Answer: C
 
 
Question No : 9
The most basic skimming scheme occurs when:
 
 
A. An employee sells goods or services to a customer, collects the customer’s payment,
but makes no record of the sale. 
B. An employee buy goods or services from a customer, drop the customer’s payment, but
makes no record of the purchase. 
C. An employee sells goods or services to a stakeholder, collects the stakeholder’s
payment and makes record of the sale too. 
D. An employee buy goods or services from a stakeholder, drop the stakeholder’s payment
and makes record of the purchase too. 
 
Answer: A
 
 
Question No : 10
Which of the following is not the skimming scheme?
 
 
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A. Unrecorded sales 
B. Fraud & Cost 
C. Theft of checks through the mail 
D. Understand sales and receivables 
 
Answer: B
 
 
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